The Far Resources team is highly experienced having raised hundreds of millions of dollars and developed numerous successful resource companies over the past 30 years.
The Management team are major shareholders in Far Resources and are focused on maintaining a sound share structure and financing the company in ways benefiting existing and future shareholders.
The company is proceeding with a plan of arrangement in order to spin out its Winston Gold project.
The technical and project team includes leading geological and analytical experts with significant experience in Canada and Manitoba, with a specific focus on lithium pegmatites.
Far Resources Zoro Lithium project hosts seven identified pegmatite dykes with high-grade lithium found in six dykes to date.
Historical drilling on Dyke 1 indicated a historic “reserve” based on 1956 drilling of 1.8 million tonnes grading 1.4% Li2O to a depth of 305 m (Far Resources does not treat the historical estimate as current mineral resources or mineral reserves as defined by NI 43-101). The company has completed three drill programs on Dyke 1 delivering confirmatory and high-grade lithium assays from all drill holes
Phase three drilling on Dyke 1 produced higher grade intervals including 2.19% Li2O over 4 m and 3.12% Li2O over 1 m. Drilling expanded the dimensions of the known resource on Dyke 1 and confirmed width and grades comparable to other more advanced lithium deposits.
A planned winter drill program will assess deeper levels (>150 m) of Dyke 1 for the extension of high-grade lithium spodumene and to test recent high grade assay results from trench and outcrop sampling at Dykes 5 and 7.
A recent high-grade drill intercept of tantalum accompanied elevated tantalum and niobium in samples of drill core, outcrop and soils.
Timing: Lithium Demand Continues to Accelerate
An accelerating demand for lithium in batteries for the electric vehicle segment plus a delayed response with supply creates an opportunity to develop resources that can be quickly brought to production. The advanced nature of the Zoro project provides Far Resources with an opportunity to take advantage of this lithium supply gap.
The energy storage revolution is generating high demand for lithium, with some analysts forecasting order-of-magnitude demand increases.
Battery giants are scaling up lithium-ion production with mega factories and actively acquiring raw materials through long-term offtake agreements.
Companies already producing lithium are attempting to increase production. However, the majority of current production (both brine and hard-rock operations) are capacity constrained with geopolitical risk affecting some of the world’s major production areas.